BG Group completes sale of Tangguh LNG interest

abarrelfullabarrelfull wrote on 17 May 2012 11:22

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13 May 2004

BG Group today announced that it has completed the sale of its 50% interest in the Muturi Production Sharing contract (Muturi PSC) in West Papua, Indonesia (as announced on 2 December 2003) to Indonesia Natural Gas Resources Muturi, Inc. (INGRMI), a wholly owned subsidiary of LNG Japan Corporation and CNOOC Muturi Limited (CNOOC), a wholly owned subsidiary of CNOOC Limited.

INGRMI has acquired 29.23% of BG Group’s 50% interest, with CNOOC acquiring the remaining 20.77% for an aggregate cash consideration of approximately US$253 million. This consideration includes a reimbursement of BG expenditure dating from the economic effective date of 1 January 2003.

Notes to Editors:

BG Group announced the sale of its 50% interest to Mitsui Indonesia Gas B.V. on 2 December 2003. Subsequently, existing partners in the Muturi PSC, INGRMI and CNOOC, exercised their pre-emption rights and have purchased BG’s 50% operated interest in the Muturi PSC in West Papua for a sale consideration of US$236 million, plus reimbursement of expenditure incurred by BG since the economic effective date. BG Group’s interest in the Muturi PSC provided a 10.73% interest in the Tangguh LNG project, based on independently certified proved reserves.
The participants in the Muturi PSC are now CNOOC Muturi Limited with 64.77%, Indonesia Natural Gas Resources Muturi Inc with 34.23% and BP Muturi Holdings B.V. with 1%. LNG Japan Corporation is a joint venture between Sojitz Corporation and Sumitomo Corporation.

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